Most responsible consumers know that they should check their credit report regularly. However, your credit report isn’t the only thing you should be checking. There are several other “specialty” consumer reports that can help you keep an eye on your financial and personal information.
Consumer reports are compiled by consumer reporting agencies (CRAs), and are used by lenders, insurers, landlords, and even potential employers. Everything from your rental and employment history to your banking history and medical information may be included in various consumer reports. Here are five important consumer reports to check annually:
1. Banking History Report. ChexSystems is a consumer reporting agency that collects information on your banking habits. Their consumer disclosure report details your banking history including any overdrafts, account closures, or unpaid bank fees associated with your checking and savings accounts. Banks and credit unions often use these reports to determine whether to approve your application for a new checking or savings account. You can request a free copy of your ChexSystems consumer disclosure every 12 months. If you notice any erroneous information in the report, you should submit a dispute through ChexSystems. Other companies that provide similar consumer reports on banking history include TeleCheck and Early Warning Services.
2. Tenant Screening Report. Tenant screening reports are used by landlords to assess the risk of renting to a prospective tenant. Landlords want to see a history of on-time rental payments, and that you won’t cause undue damage to their property. These reports can include a variety of information including rental history, creditworthiness, criminal background, and eviction records. If you’re planning to rent a home or apartment, a negative tenant screening report can hinder your ability to secure a lease. Ensuring that the information in this report is accurate can improve your chances of being approved for housing. Landlords may use a variety of tenant screening reports but some of the most popular include, First Advantage, TransUnion’s SmartMove, and RentPrep. Although you will be charged a fee, all of these solutions allow you to pull your tenant report online.
3. Employment History Report. An employment history report is used by employers to verify the qualifications and suitability of job applicants. The report typically includes information about your work history, including dates of employment, job titles, and reasons for leaving previous jobs. Any potential employer can use this information to both assess your reliability, and to confirm what’s listed on your resume. If you expect to be applying for new positions soon, you might consider checking your own employment history first. You can request your employment history report from The Work Number, which is a division of Equifax. You can also dispute inaccurate or incomplete information through them as well.
4. Insurance History Report. Your insurance history takes into account past insurance claims, risk variables, and multiple other factors. It also includes your credit score in states that allow insurers to consider credit history. While different insurance companies may use different reports, the CLUE report from LexisNexus is popular with many insurance providers. CLUE stands for Comprehensive Loss Underwriting Exchange, and lists any auto or property claims that you’ve filed with the past seven years. You can request a free copy of your CLUE report annually through the LexisNexis Consumer Portal.
5. Medical Information Bureau Report. The Medical Information Bureau report, commonly referred to as “MIB” contains information you have authorized sharing about your medical history, which is used by insurance companies to assess your risk and eligibility for individual health, life, and long-term care insurance policies. This report includes details about medical conditions, treatments, and health-related behaviors. Errors in your MIB report can lead to higher insurance premiums or denial of coverage. You can request a yearly free copy of your MIB report though the MIB website.
While your credit report is undoubtedly important, it is just one of several consumer reports that can impact various aspects of your life. Take some time to check each of these consumer reports regularly for accuracy and for information that could potentially be hurting you. If you do find any errors in your reports, be sure to dispute them, and if the information found in your consumer reports lead you to believe that your identity may have been compromised, be sure to report it and review the steps outlined at IdentityTheft.gov to help you recover.